No Extra ACA Costs Means More Money in Americans’ Pockets

SAN DIEGO–(BUSINESS WIRE)–
For the first time, Americans will need to report their health insurance
status on their 2014 tax return. With TurboTax®,
the nation’s leading tax preparation service from Intuit Inc.
(Nasdaq:INTU), taxpayers can easily and accurately meet the new
Affordable Care Act (ACA) requirements. Unlike some other tax services,
TurboTax includes all necessary health care forms in its products for
free.

“People should spend their health care dollars on ways to stay healthy,
not on paperwork. They should never have to pay extra fees to complete
ACA-related forms,” said Sasan Goodarzi, general manager of Intuit’s
Consumer Tax Group. “We are doing what we have always done: making taxes
simple so millions of taxpayers can prepare and file their own taxes
easily and accurately, and get their maximum refund as quickly as
possible.”

TurboTax delivers a highly-customized experience that guides taxpayers
through their taxes and health care reporting based on their unique
situation, including:

  • Insured: For the nine out of 10 Americans who were insured in
    2014 through their employer, Medicare, Medicaid, VA, TRICARE, or any
    other qualified coverage, reporting health care on their taxes with
    TurboTax will be as simple as checking a box.
  • Those covered through a Health Insurance Marketplace: People
    who purchased a plan through a Marketplace will get the new Form
    1095-A in the mail, showing details of insurance coverage and will
    report this information in TurboTax, just like they would enter their
    W-2 information. Those who chose to receive a tax credit subsidy in
    advance to help pay monthly insurance premiums will need to reconcile
    their health care premium tax credit based on their actual income in
    2014. TurboTax walks them step-by-step through the process and
    automatically calculates how this affects their tax return.
  • People who are exempt from the ACA penalty: More than half of
    the estimated 40 million Americans who are uninsured may be exempt
    from the ACA penalty for non-coverage. But more than 19 out of 20
    people who could have the penalty waived have not applied for an
    exemption, which means many people may pay more in taxes than they
    should. TurboTax handles the exemption process for all users, and in
    most cases, the penalty can be waived on the tax return rather than
    requiring a separate application.
  • Uninsured Americans: Those who do not qualify for one of the
    approximately 30 exemptions will face a tax
    penalty
    . TurboTax automatically calculates the charge. TurboTax
    estimates that the average tax penalty for this year will be 1,
    increasing to 8 next year. TurboTax connects people to health
    insurance resources to help them reduce potential ACA penalties in the
    future.

TurboTax Health Care Resources

TurboTax offers the following resources to further help taxpayers
navigate the new health care law:

  • TurboTaxHealth.com: Helps
    people determine eligibility for healthcare subsidies and enrollment
    in health coverage that can help them avoid future tax penalties for
    being uninsured.
  • TurboTax.com:
    Provides a description of how TurboTax handles ACA requirements and
    how to start the tax filing process.
  • TurboTax Exemption Check:
    A one-of-a-kind, free online tool that helps people determine if they
    qualify for an exemption from ACA penalties and assists in submitting
    their application if needed.
  • Resources in partnership with Enroll
    America
    and
    eHealth
    : Provides further information about health care choices
    and helps people determine if they are eligible for free or
    reduced-cost health insurance in 2015. TurboTax has partnered with
    Enroll America and eHealth so that consumers can make the best health
    insurance choices for themselves and their families with online or
    in-person assistance available.
  • Free help by phone: TurboTax tax experts, all CPAs and enrolled
    agents, are available by phone to most TurboTax Online and mobile
    customers at no additional charge.

Please visit these videos for insured,
Marketplace-insured and uninsured
filers
to see how easy the health insurance reporting process is
with TurboTax.

About Intuit Inc.

Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals. Its flagship
products and services include QuickBooks®,
Quicken® and TurboTax®,
which make it easier to manage small
businesses
and payroll
processing
, personal finance,
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit’s
leading tax preparation offerings for professional accountants.

Founded in 1983, Intuit had revenue of .5 billion in its fiscal year
2014. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India
and other locations. More information can be found at www.intuit.com.

Source: Intuit Inc.

Intuit Inc.
Debra Hammer, 858-215-7568
Debra_Hammer@intuit.com